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January 16, 2024

This Week’s New York Deal Sheet

Jed Resnick Of Douglaston Development Discusses Breaking Ground On $320M Multifamily Project In Brooklyn March 21

This week saw three religious organizations involved in leases, and multifamily dominated the week's financing deals, although few significant sales took place.

TOP LEASES

This Week’s New York Deal Sheet

The Church of Jesus Christ of Latter-day Saints has signed for 40K SF at 245 W. 77th St., West End Collegiate Church’s historic Upper West Side church building, according to a release. The landlord and the tenant will cohabitate on the property, with their own dedicated spaces as well…

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Top Stories on Bisnow.com

'We’re Not Even Close': Data Center Power Crunch Gets Worse, With No End In Sight 'We’re Not Even Close': Data Center Power Crunch Gets Worse, With No End In Sight
Office REIT's Stock Tanks After Cutting Dividend To 1 Cent Office REIT's Stock Tanks After Cutting Dividend To 1 Cent
Record Amount Of Life Sciences Space To Be Delivered This Year Amid Industry Slowdown Record Amount Of Life Sciences Space To Be Delivered This Year Amid Industry Slowdown
BlackRock Buying Data Center, Infrastructure Investor GIP For $12.5B BlackRock Buying Data Center, Infrastructure Investor GIP For $12.5B
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Blackstone Prepares To Sell $1.8B Of Signature Bank Loans

Blackstone Prepares To Sell $1.8B Of Signature Bank Loans  

About $1.8B worth of commercial property loans, mostly backed by apartment buildings, could soon hit the market as Blackstone looks to offload debt acquired through the failure of Signature Bank.

A joint venture that also includes  Canada Pension Plan Investment Board and Rialto Capital is marketing the performing loans, according to anonymous sources who spoke with Bloomberg. The JV  was awarded a 20% stake in a $17B Signature loan pool via a December auction.…

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Not 'Even Worth Giving Them Our Name': Why Most Foreclosure Auctions Don't Actually Result In Sales

Not 'Even Worth Giving Them Our Name': Why Most Foreclosure Auctions Don't Actually Result In Sales  

It was an uncharacteristically dreary day in Los Angeles County when a full-block Pasadena office property hit the auction block with a $114M opening bid — less than half its prior sale price. Despite the attractive price point and the many selling points of the Pasarroyo office complex, the results of the auction were equally glum.

The no-frills public auction was held on the steps of the Pomona Public Library, a low-slung, pasty beige building in Pomona, California. About one dozen people attended, toting folding chairs.

About half of those in attendance were there because of the Pasarroyo building. But when the time came to bid on the 640K SF property, the crowd was silent. No one bid and the property remained with its lender, Heitman.  It’s a scene playing out on courthouse steps…

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In Case You Missed It...

Alexandria Sells LIC Life Sciences Site For Loss To Film Studio Alexandria Sells LIC Life Sciences Site For Loss To Film Studio
Colliers CEO's Family Office Pays $153M For Future Upper East Side Home Depot Colliers CEO's Family Office Pays $153M For Future Upper East Side Home Depot
$215M Foreclosure Looms For Former Tommy Hilfiger Flagship On Fifth Avenue $215M Foreclosure Looms For Former Tommy Hilfiger Flagship On Fifth Avenue
Fewer Than 10,000 New Housing Units Were Proposed By NYC Developers In 2023 Fewer Than 10,000 New Housing Units Were Proposed By NYC Developers In 2023
NYC Investment Sales Dropped 55% In 2023 As Sellers Hung On And Buyers Lay In Wait NYC Investment Sales Dropped 55% In 2023 As Sellers Hung On And Buyers Lay In Wait
 
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Burger King Franchiser RBI To Buy 1,000 Locations For $1B, Plans Renovations

Burger King Franchiser RBI To Buy 1,000 Locations For $1B, Plans Renovations  

Restaurant Brands International has struck a deal to buy Carrols Restaurant Group, the largest Burger King franchisee in the U.S. with about 1,000 locations, for about $1B. The all-cash sale is set to close in the second quarter. The acquisition of Carrols would vastly increase the number of Burger King-branded restaurants RBI owns directly.…

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